Companies Act 2014 section 1506

Sanctions which Supervisory Authority may impose on specified person

Section 1506 sets out the range of sanctions that the Supervisory Authority may impose on a specified person (such as a statutory auditor, key sustainability partner, or audit firm) who has committed a relevant contravention.

• The Supervisory Authority can direct a person to stop the offending conduct, remedy it, or issue a formal reprimand or severe reprimand
• The Authority can prohibit a statutory auditor, key sustainability partner, or audit firm (including its officers, members, or partners) from performing audit or sustainability assurance functions for a specified or indefinite period
• Monetary sanctions of up to €100,000 per individual, or €100,000 multiplied by the number of statutory auditors in an audit firm at the time of the contravention, may be imposed and recovered as a debt through the courts if unpaid
• The Authority can declare that an assurance report does not meet requirements, exclude the person from the public register, and direct the relevant recognised accountancy body to take any necessary follow-up action